#ELEG Electric Guitar PLC – Loyalty App to Leverage Open Banking Data September 25, 2024 – Posted in: Electric Guitar Plc (ELEG) – Tags: 3radical, billion, development, digital marketing, first party data, global, loyalty, open banking, solutions, subsidiary, technology, venture
Electric Guitar PLC (LSE: ELEG), the digital marketing and advertising company providing first-party data solutions, is pleased to announce a significant development in its digital marketing and technology portfolio through a strategic collaboration between its primary operating subsidiary, 3radical Limited (“3radical”), its joint venture Marcomms.ai and financial technology innovator, Little Birdie. This partnership has resulted in the creation of a loyalty app that integrates Open Banking data, enhancing consumer engagement and providing personalised financial insights.
The loyalty app is aimed at empowering 3radical clients with advanced tools to better understand and engage their customers. By incorporating first-party Open Banking data, the app provides businesses with unparalleled insights into customer spending habits, preferences, and financial behaviours. This data will enable the creation of highly personalised and relevant loyalty programmes that resonate deeply with individual users.
The collaboration also enables Open Banking data to be incorporated into 3radical’s Global Data Store (GDS), adding value to the intellectual property already contained within 3radical’s existing database which contains over one billion engagement data points. 3radical’s GDS is already being deployed by Marcomms.ai to underpin its AI-powered engagement products.
Key Benefits of the Loyalty App and Open Banking Data Integration:
· Enhanced Personalisation: The app leverages Open Banking data to offer a deeper understanding of customer behaviours, allowing 3radical clients to tailor offers, rewards, and promotions to individual financial profiles. This level of personalisation ensures that customers receive offers that are not only relevant but also timely, significantly improving engagement and satisfaction.
· Data-Driven Insights: By integrating Open Banking data into the GDS, 3radical clients and Voco deployments gain access to a broader and more comprehensive dataset. This integration allows for more sophisticated data analysis and segmentation, enabling businesses to craft highly targeted marketing strategies that align with customer needs and preferences.
· Improved Customer Retention: Personalised loyalty programmes driven by real-time financial data will encourage repeat engagement, fostering long-term customer relationships. The app’s ability to provide value through personalised offers will enhance customer loyalty and retention rates, as customers feel more understood and valued by the brand.
· Competitive Advantage: The combination of first-party Open Banking data with the GDS positions 3radical clients at the forefront of data-driven marketing. This unique approach to customer engagement provides a significant competitive edge, as businesses can offer experiences that are far more personalised and relevant than what is currently available in the market.
· Comprehensive Customer Profiles: The integration of Open Banking data into the GDS enriches customer profiles with financial behaviour insights, enabling a more holistic understanding of each customer. This comprehensive view of the customer allows businesses to predict future behaviours and needs, further enhancing the effectiveness of marketing campaigns.
John Regan, CEO of Electric Guitar PLC, commented: “The development of this loyalty app represents a significant milestone in Electric Guitar’s strategy. By integrating first-party Open Banking data with our Global Data Store, we can provide our clients with a powerful tool to deliver highly personalised and impactful customer experiences.
“This innovation is just the beginning of a series of initiatives aimed at leveraging data and technology to create next-generation marketing tools which enhance consumer relationships and extend 3radical’s product offering, bringing with it significant new revenue opportunities.”
Martin Bould, Co-founder of Little Birdie, commented: “We are delighted to be collaborating with Electric Guitar to bring the power of Open Banking, and the hyper-personalised insights and recommendations derived from it, to the Loyalty market. This collaboration underscores the potential for Little Birdie to deliver both deeper engagement and greater rewards for consumers and businesses.”
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Electric Guitar PLC
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